Former Fandango Chairman and CEO Chuck Davis has become CEO of online incentive company Swagbucks, succeeding co-founder Josef Gorowitz, who becomes president. The El Segundo-based company also announced that it had raised $60 million from Technology Crossover Ventures, where Davis is a venture partner. Davis was previously executive chairman for both Swagbucks and its parent company Prodege and retains that role.
Swagbucks rewards its 10 million users through a system of points, which can be cashed in for retailers’ gift cards or other prizes, for watching the company’s videos and other content in a variety of genres, playing games, taking part in surveys and other online activities. The company says it has awarded about $63 million in prizes to users so far, and reported revenues of about $53 million in 2013. It has been profitable since a pivot to its current business model several years ago, making money through affiliate fees and advertising connected with its content, according to Gorowitz and COO Scott Dudelson. The $60 million investment from Technology Crossover will finance the company’s aggressive expansion into new opportunities. Technology Crossover Ventures has previously backed major online companies such as Facebook, C/NET, Groupon, Spotify and Zillow.
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